Biden set to release record emergency oil supply Business


US President Joe Biden is set to make a dramatic intervention in energy markets as he seeks to contain soaring fuel prices.

His administration is said to be considering the largest ever release of emergency reserves. It would see around one million barrels released every day for several months, with the total reaching up to 180 million barrels.

At the same time, there is diplomatic pressure to encourage global publication coordinated by IEA member states.

Oil prices have held above $100 a barrel as Russia’s war in Ukraine rattles markets and traders boycott Moscow. Benchmark Brent crude fell 4% to $109 after the publication’s reports.

5 things to start your day

1) Olaf Scholz plays high-stakes chicken against Putin’s gas Germany appears to have the upper hand as it seeks to phase out Russian supplies – but risks serious consequences if it gets it wrong

2) £1,700-a-year hit for homeowners as cheap mortgages expire Remortgage rush before Bank of England hikes interest rates over 2%

3) Visa and Mastercard caught in legal storm over card fees The class action alleges that the two providers charge fees up to six times the maximum level on corporate credit cards

4) Sir Martin Sorrell suffers £100m hit as S4 Capital shares tumble PwC says it was unable to complete an audit of annual results before Thursday’s scheduled release

5) Spoil spreading ban lifted in victory for farmers Rising cost of fertilizers risked creating food shortages if farmers remained unable to use manure as an organic alternative

What happened overnight

Asian stock markets fell on Thursday after Chinese industry weakened and Russian bombardment around the Ukrainian capital dashed hopes of progress in peace talks.

Shanghai, Hong Kong and Tokyo fell while Seoul gained. Oil fell more than $7 a barrel in New York but remained above $100.

coming today

  • Business : BBGI Global Infrastructure, Chesnara, Hostelworld Mears Group, Provident Financial, S4Capital (annual results); 3i Infrastructure, Oxford Instruments, Pets at Home (commercial statement)
  • Economy: GDP (UK)National House Price Index (UK)retail (All)unemployment rate (EU)unemployment benefit claims (WE)Personal expenses (WE)Chicago Purchasing Managers Index (WE)

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This notice was published: 2022-03-31 07:01:39

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